Allspring Global Investments Holdings LLC Sells 11,028 Shares of Packaging Co. of America (NYSE:PKG)

Allspring Global Investments Holdings LLC cut its position in Packaging Co. of America (NYSE:PKG) by 67.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,418 shares of the industrial products company’s stock after selling 11,028 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Packaging Co. of America were worth $716,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Clear Street Markets LLC lifted its stake in Packaging Co. of America by 94.6% in the first quarter. Clear Street Markets LLC now owns 181 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 88 shares during the last quarter. ICA Group Wealth Management LLC purchased a new stake in shares of Packaging Co. of America in the fourth quarter worth $28,000. WealthPLAN Partners LLC purchased a new stake in shares of Packaging Co. of America in the first quarter worth $30,000. Fiduciary Alliance LLC purchased a new position in Packaging Co. of America during the second quarter valued at $31,000. Finally, Hall Laurie J Trustee bought a new stake in shares of Packaging Co. of America in the 2nd quarter worth about $32,000. Institutional investors own 90.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PKG. Wells Fargo & Company upped their price target on shares of Packaging Co. of America from $122.00 to $137.00 in a research report on Thursday, July 27th. StockNews.com started coverage on shares of Packaging Co. of America in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Citigroup raised their price objective on shares of Packaging Co. of America from $150.00 to $158.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Truist Financial lifted their price target on shares of Packaging Co. of America from $156.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, September 21st. Finally, Jefferies Financial Group lowered their price objective on shares of Packaging Co. of America from $142.00 to $140.00 and set a “hold” rating for the company in a research note on Wednesday, October 18th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Packaging Co. of America has an average rating of “Hold” and a consensus price target of $145.83.

Insiders Place Their Bets

In other Packaging Co. of America news, SVP Kent A. Pflederer sold 4,000 shares of the business’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $150.93, for a total transaction of $603,720.00. Following the sale, the senior vice president now directly owns 54,447 shares in the company, valued at approximately $8,217,685.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Kent A. Pflederer sold 4,000 shares of the stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $150.93, for a total value of $603,720.00. Following the sale, the senior vice president now directly owns 54,447 shares in the company, valued at $8,217,685.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul T. Stecko sold 9,737 shares of the stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $153.99, for a total transaction of $1,499,400.63. Following the completion of the sale, the director now owns 18,765 shares in the company, valued at $2,889,622.35. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

Packaging Co. of America Stock Down 0.3 %

Shares of NYSE:PKG opened at $155.69 on Friday. The company has a market capitalization of $13.95 billion, a PE ratio of 17.92, a P/E/G ratio of 3.75 and a beta of 0.83. The company has a current ratio of 2.17, a quick ratio of 2.10 and a debt-to-equity ratio of 0.54. Packaging Co. of America has a twelve month low of $121.97 and a twelve month high of $159.18. The firm has a 50 day simple moving average of $151.08 and a 200-day simple moving average of $142.05.

Packaging Co. of America (NYSE:PKG) last announced its earnings results on Tuesday, October 24th. The industrial products company reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.92 by $0.13. The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.99 billion. Packaging Co. of America had a net margin of 10.04% and a return on equity of 21.30%. The company’s quarterly revenue was down 9.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.83 EPS. On average, equities analysts predict that Packaging Co. of America will post 8.35 EPS for the current fiscal year.

Packaging Co. of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Monday, September 25th were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, September 22nd. This represents a $5.00 annualized dividend and a dividend yield of 3.21%. Packaging Co. of America’s payout ratio is currently 57.54%.

Packaging Co. of America Company Profile

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through Packaging and Paper segments. The Packaging segment offers various containerboard and corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.